Tesco firefighter Dave Lewis has no time to pause as results come in October 22, 2014 It's day 53 for Dave Lewis as chief executive of Tesco. Ordinarily, that might be a time for a new boss to pause for breath, but the firefighting engulfing him since his arrival looks like the first act of a much longer-term drama. The word emerging from Tesco’s Cheshunt HQ is that there will [...]
A balance must be struck between accountability and preserving quality in banks’ boardrooms October 8, 2014 The news that two directors of HSBC’s UK operation are stepping down because of proposed bank sanctions provoked a predictable reaction: good riddance, cried one commentator; they exerted no real influence anyway, exclaimed another. Both missed the point. The timing of the resignations of Alan Thomson and John Trueman could not have been more [...]
Why Sir Richard Broadbent could be next to checkout at Tesco after £250m profit overstatement debacle September 24, 2014 Things are always unnoticed until they’re noticed.” Those seven Rumsfeld-esque words could seal Sir Richard Broadbent’s fate as Tesco chairman. Responding to questions about the accounting debacle at Britain’s biggest retailer, Broadbent offered a painful reminder of how quickly events can spiral out of the control of even the grandest of grandees. The [...]
Inside Track: City contingency planning for Yes vote long overdue September 10, 2014 YESTERDAY’S desperate round of campaigning in Scotland by the main Westminster party leaders might have offered a boost – but not to those they wanted to vote No to independence. In the City, the reality check of a Yes vote being a genuine prospect is triggering contingency planning that should have been underway months ago. [...]
So will Andrew Bailey be the lord of the ring (fence)? – Inside Track August 27, 2014 It is surprisingly easy to find bankers with positive things to say about Andrew Bailey, their chief regulator. By the end of the year, though, he could find that it isn’t only the weather that feels chillier whenever he meets bank executives. Already, the Prudential Regulation Authority (PRA) consultation on a new accountability regime [...]
Legal & General’s Nigel Wilson sends slap in the face to Breedon as associates shudder – Inside Track August 13, 2014 Nigel Wilson has hardly put a foot wrong since replacing Tim Breedon, his po-faced predecessor, as chief executive of Legal & General just over two years ago. While investors are happy with the outspoken Geordie, however, his fellow insurance bosses are not – at least not after his latest bombshell dropped yesterday. Confirming [...]
Payback time but Bank of England’s bonus clawbacks are rife with pitfalls July 30, 2014 Quite literally, yesterday it was payback time for Britain’s banking industry. Regulators’ demands that lenders must force staff to hand back bonuses awarded as long as seven years earlier delivers a belated sense of justice for those clamouring for more robust post-crisis retribution. The Bank of England’s timing could hardly have been better, coming [...]
Inside Track: Under fire Glaxo should get a grip July 16, 2014 SIR Andrew Witty has been keeping his head down in recent weeks, as GlaxoSmithKline (GSK) seeks a cure for what ails it in China. It hasn’t been difficult to see GSK’s bunker mentality in evidence: at Wimbledon, its hospitality marquee was shorn of corporate branding, a flaccid attempt to disguise a legitimate business activity. If [...]
Simon Fraser is fighting for hearts and minds at the Investor Forum July 2, 2014 Does someone at the new body set up to promote investor long-termism have a bizarre sense of humour? That was one interpretation of yesterday’s confirmation that Simon Fraser, former global chief investment officer of Fidelity, would be its first chairman. After all, Fraser was until recently a board member at the bete [...]
